Ordinarily we would look for this bounce to sputter out at the midpoint pivot of some large ABC downtrend. In this case, however, there are no suitable patterns that we can use. The alternative is to focus on the hourly chart (see inset), where an impulsive rally has developed that points to 1447.70 Notice that the rally would easily exceed a 1428.00 ‘external’ peak, refreshing the bullish energy of the chart. It could also provide an excellent opportunity to get long via ‘camouflage’ if a b-c type pullback should occur from just above 1428.00.
